Polygon Seeks Token Transformation: MATIC to POL in Upcoming Upgrade.
Polygon Labs, the company behind the Ethereum scaling solution Polygon (MATIC), has recently announced a significant development in the form of a submitted white paper. This technical proposal aims to enhance and rebrand the platform’s native token, MATIC, into POL as part of the upcoming transition to Polygon 2.0. The goal of this upgrade is to position the blockchain as the “value layer of the internet.”
In an official statement, Polygon Labs unveiled the exciting details of their next technical proposal: the introduction of POL, the upgraded token of the Polygon protocol. POL represents the next generation native token, meticulously designed to fortify, align, and nurture the growth of the Polygon ecosystem.
Once the proposed technical upgrade receives approval and successfully proceeds, POL and MATIC will no longer coexist. Polygon Labs emphasized that in the event of community consensus to adopt the upgrade, MATIC holders will experience a seamless transition, with their tokens being upgraded to POL at a 1:1 ratio. The result will be a unified ecosystem with a single native token, eliminating any complexities associated with dual tokens.
Polygon developer envisions that the upgraded token, POL, will act as a catalyst, fueling exponential growth within the network. According to Polygon, POL will share similarities with other productive tokens, but it will bring forth two groundbreaking improvements.
Firstly, POL is classified as a third-generation hyperproductive token. This distinction empowers holders to become validators and receive corresponding rewards. However, Polygon introduces two major advancements:
- Validators can validate multiple chains: This feature provides an expanded scope for validators, enabling them to validate and contribute to various chains within the network.
- Chains can offer multiple roles and corresponding rewards to validators: In an effort to maximize participation and incentivize contributions, Polygon’s upgraded token introduces the concept of multiple roles. This allows validators to engage in diverse activities across different chains, earning rewards that align with their specific roles.
Following this noteworthy announcement, the market response has been positive. MATIC is currently trading at $0.86, reflecting a substantial increase of 16.26% over the past 24 hours. This surge demonstrates the growing anticipation and investor confidence in Polygon’s upcoming token rebranding and technical upgrade.
In summary, Polygon Labs’ white paper submission marks a pivotal moment for the evolution of the Polygon network. The proposal to transform MATIC into POL showcases Polygon’s commitment to continuous innovation and its vision of establishing a robust blockchain ecosystem that serves as the cornerstone of the internet’s value layer.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.